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During the current year, merchandise is sold for $$636,000.$ The cost of the merchandise sold is $$426,120.$

a$.$ What is the amount of the gross profit?

b$.$ Compute the gross profit percentage $($gross profit divided by sales$).$

$\%$

c$.$ When will the income statement necessarily report a net income?

During the current year, merchandise is sold for $$636,000.$ The cost of the merchandise sold is $$426,120.$

a$.$ What is the amount of the gross profit?

b$.$ Compute the gross profit percentage $($gross profit divided by sales$).$

$\%$

c$.$ When will the income statement necessarily report a net income?